When I started to pursue my degrees in sports management 15 years ago, there was no clue that concussions would some day threaten the financial future of American sports. In fact, I have been often quoted saying, "Sports is the one sector that can withstand almost any catastrophic event or major economic downturn.”

Today the concussion debate centers around the NFL and the numerous stories of players committing suicide or suffering form dementia and other brain-related illnesses. But the concussion problem is much bigger than the NFL.

The untold story is the crippling effects that lawsuits could potentially have on the NCAA, the governing body for all major college sports. One reason that Brody rejected the settlement was her concern that a clause would bar anyone who received money in the NFL deal from suing the NCAA or other amateur football leagues.

Here are five reasons why the NCAA may hold the fate for sports as we know it in America.

1. The lawsuits have already began

The NCAA received its first lawsuit in 2011. The Arrington lawsuit, which includes two former football players and a former soccer player, alleges the NCAA should have known the long-term effects of concussions but failed to protect athletes. By the end of 2013, there were nine class action lawsuits against the NCAA. All involve football players and a variety of other collegiate athletes, many of which are suffering from brain illnesses as well as seizures and other lasting effects of concussions. These are not just athletes who play contact sports; they also include athletes who played sports like soccer and basketball.

As media coverage increases about the numerous NCAA concussion lawsuits, I expect for there to be an overwhelming number of former college athletes who take legal action.

2. Women athletes also get concussions — at a higher rate than men

The physical makeup of women make them more likely to suffer from traumatic brain injuries. Top nuerologist and #C4CT speaker Dr. Robert Cantu said women's necks aren't as well developed as men's, and the neck acts as a shock absorber when the head is hit. Studies by the American Journal of Sports Medicine also show that women suffer longer from the side effects caused by head injuries.

The NCAA class action may be used as a vehicle to bring attention to these issues. Being able to broaden the focus of concussions to also include women will hopefully help address the problem and bring resources to the countless number of female athletes who are suffering from the effects of head trauma. But that also will cost colleges money.

3. Football pays the bills in college sports

It is well known that football programs are the largest driver of revenue for nearly every major college and university sports program, with the majority of schools’ football programs bringing in more than 50 percent of the athletic department’s total revenue. Some schools such as the University of Georgia receive more than 80 percent of their total sports revenue from their football team.

A class action lawsuit for the NCAA similar to the NFL could be catastrophic. There are approximately 27,000 college football players each season in the NCAA as opposed to fewer than 1,800 in the NFL. This obviously means that the pool of football players could be enormous. Just as we are witnessing in the NFL, NCAA football will soon begin taking drastic measures to make the game safer in the midst of the growing number of lawsuits.

This type of loophole could set an example for future claims, especially in the collegiate level. A handful of university football programs are worth more than $500 million, with the Texas Longhorns reaching a record net worth of $805 million. There is no question the money is there. If such lawsuits against universities and their athletic departments begin to mount, it’s difficult to imagine how high the price tag will go.

5. Pro vs. amateur

The debate changes when you compare the rights of money-earning professionals to the rights of unpaid amateurs. As college students competing in sports for their university, there is a greater level of responsibility for the schools to guide their athletes in the right direction.

It would be very tough to apply some of the same defenses in regards to a college athlete as have been applied to professionals. Pros are sometimes met with the argument that they are being paid to play, so the consequences are on them. It would be difficult to not to find more sympathy for unpaid collegiate athletes who the NCAA have lobbied for years to keep on amateur status.

Jack Brewer is CEO of The Brewer Group, a diversified global advisory firm. He is a former NFL player, received a master's degree in sports management from the University of Minnesota, and completed executive business programs at Harvard Business School and The Wharton School of Business. He is the senior advisor to President Joyce Banda of Malawi and founder of The Jack Brewer Foundation. He is an expert in sports finance and global economic development, and a regular CNBC contributor.